Petro Dollar Checkmate – Gold Backed Yuan For Oil

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China plays the long game and they have seemingly played masterfully. The question is, “Will this be Checkmate for the petro dollar?” China is readying their Yuan (currency) crude oil benchmark and it will be backed by gold — as de-dollarization accelerates. Zerohedge reports via the Nikkei Asian Review, “The world’s top oil importer, China, is preparing to launch a crude oil futures contract denominated in Chinese yuan and convertible into gold, potentially creating the most important Asian oil benchmark and allowing oil exporters to bypass U.S.-dollar denominated benchmarks by trading in yuan.” Simply put, it enables the circumvention of

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